Section 14A disallowance not applicable to Insurance Companies

DCIT Vs Edelweiss Tokio Life Insurance Ltd. (ITAT Mumbai) During assessment proceedings, it transpired that the assessee earned dividend income of Rs.17.92 Lacs and claimed the same to be exempt u/s.10(34). However, the Ld. Assessing Officer opined that since the income in case of insurance business was to be computed in terms of provisions of Section 44, which starts with non-obstante clause, and therefore, dividend income as offered under the head income from other sources could not be taken as separate from profit and gains of insurance business. Hence, dividend income which falls under the...